COMPANY NEWS;WELLS FARGO AND LOOMIS FORMING ARMORED CAR COMPANY

The Borg-Warner Security Corporation agreed yesterday to merge its Wells Fargo Armored Service unit with Loomis Armored Inc., a unit of closely held Wingate Partners, to create an armored car security company with $350 million in annual revenue. Borg-Warner and shareholders of Loomis Armored would each own 50 percent of the yet-to-be-named company, which would provide armored transportation, cash services and automated teller machine maintenance. It would employ 8,500 people.